Results 4,521-4,540 of 6,295 for speaker:Michael D'Arcy
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)
Michael D'Arcy: I propose to deal with amendments Nos. 26 and 60 together.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)
Michael D'Arcy: Yes. The report explored gambling behaviour in Ireland, specifically the issue of problem gambling and its impact on the individual, the gambler’s relationships with social connections and the wider impact of problem gambling behaviour on community and society. The Betting (Amendment) Act 2015 brought remote bookmakers and betting intermediaries offering betting services in Ireland...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)
Michael D'Arcy: The 9% reduced rate of VAT is reviewed annually in the context of the budget, including the costs and economic benefits and the additional revenue that could be raised by bringing the rate back to 13.5%. Revenue's most recent estimate for reverting the reduced 9% VAT rate back to 13.5% is that it would bring in extra revenue of €491 million. A 1% increase or decrease would yield or...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)
Michael D'Arcy: The objective is to make sure that the information is available to everybody so the analysis can be concluded with an informed mind.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)
Michael D'Arcy: Yes.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)
Michael D'Arcy: There is a reason for that.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)
Michael D'Arcy: The VAT rating of goods and services is subject to the requirements of EU VAT law with which Irish VAT law must comply. Under Article 110 of the VAT directive, member states may retain the zero rates on goods and services which were in place on and from 1 January 1991, but cannot extend the zero rate to new goods and services after that date. As the Deputy is aware, the zero rate of VAT...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)
Michael D'Arcy: There is flexibility on the size because children are bigger now than they were 30 years ago. That is a matter of interpretation by Revenue if there is evidence to support that, but I am told there is no flexibility on the age. The age was in place prior to the 1991 determination. That was set in the mid-1980s by previous Governments.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)
Michael D'Arcy: I assume there must be some form of academic report on the increased size of children at ten years of age now compared with what was the case in the 1980s. Evidence must be provided to Revenue to show that children are larger than 32 in. chest and 26 in. waist or 152 cm in height.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)
Michael D'Arcy: I do not know. I would assume there is a method by which they can calculate X number of children and the average size is 5.5. I will ask the Department to establish the methodology and try to get a note for the committee.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)
Michael D'Arcy: It is fairly fluid, to be honest.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)
Michael D'Arcy: I have a nephew who was wearing size 12 shoes when he was 11 years.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)
Michael D'Arcy: It is €376 million.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)
Michael D'Arcy: I have a problem with statements like that.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)
Michael D'Arcy: I ask the Chairman if I might respond to that.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)
Michael D'Arcy: I have about 400 notes coming at me from all different directions. We have had conversations previously about other taxes. The 2% stamp duty rate was the emergency rate. We had to reduce the rate to this to try to get the property market moving. The standard rate in times gone past was 6%. The rate has returned to that. It was based on a sustainable, broad tax base. The rate was as...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)
Michael D'Arcy: That is correct, but it will go from 2% to 6%, an extra 4%, so we are quite satisfied that the figures are accurate.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)
Michael D'Arcy: The yield is €376 million at 6% extra.
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)
Michael D'Arcy: Yes, extra. Large sales have been stripped out of the figures we have outlined in the statement on the previous years and we have taken an average over those years. If there is a spike in very large sales, those figures have been excluded to take an average over two years. I accept that there is an issue with the transitional arrangements, and I accept Deputy Burke's point about what...
- Select Committee on Finance, Public Expenditure and Reform, and Taoiseach: Finance Bill 2017: Committee Stage (Resumed) (9 Nov 2017)
Michael D'Arcy: I absolutely reject the point made by Deputy Burton and others about a cabal. It is unfortunate that the Deputy is scratching in that barrel today because she made a nasty statement about me yesterday. I do not operate in that manner and I would not expect it from her. To be clear on this, the tax strategy group in July outlined that the stamp duty rate could be increased.